India’s Press Information Bureau has published a release from the Ministry of Finance on the recommendations of the 54th meeting of India’s GST Council, which was held on 9 September 2024. One of the key recommendations is for the rollout of a pilot for B2C e-invoicing, following the successful implementation of e-invoicing in the B2B sector. Another recommendation is the introduction of a VAT exemption on research and development services supplied by government entities or by qualifying research associations, universities, colleges, or other institutions. Lastly, the Council as recommended various GST rate changes, including a reduction in the rate on specified cancer drugs from 12% to 5%.
Source Orbitax
